I hade a piece of 120x120x20mm barstock left that i needed to make a 110mm belt pulley out of.. So i took the opporunity to try this technique out..
the result:

And for other lathe n00bs like me.. here is the instruction vid.. i found that PSA paper can be replaced with coarse drawing paper or similar. =)
[youtube]bODk7QPBpYs[/youtube]